Sweden gets serious on climate finance
22 October 2014
Is there a new climate hero on the horizon? ECO was excited to read that the new Swedish Government is thinking of pledging SEK$4 billion (US$560 million) to the GCF for the 2015-18 period. That’s not all: the 2015 portion of this pledge will also, at the very least, be in addition to its already planned ODA (1% of GNI). If this continues for the entirety of the 2015-18 period, Sweden will become the first country to walk the talk on “new and additional” finance.
ECO hopes that the Swedish government sees their planned pledge as one of several finance pledges, given that the planned GCF pledge is still less than half of Sweden’s fair share of climate financing towards the $100 billion promise. Before we pop open the bubbly, the Swedish parliament is yet to approve these plans. ECO, optimistic as ever, thinks this already sets an example for others to follow though. ECO is now looking to Sweden’s oil-rich neighbour that promised to up its current, and rather modest, pledge at the upcoming pledging session in Berlin. Will they rise to the challenge?